Aldar Properties, the state-linked builder of Abu Dhabi's Formula One circuit, reported a 5.6 percent drop in second-quarter profit on Thursday amid a double-digit drop in revenue. The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the United Arab Emirates.
Aldar made a net profit attributable to owners of 620 million dirhams ($169 million) in the three months to June 30 compared to 657.4 million dirhams in the same period a year ago, its full financial statement showed. Earlier in a statement on the company website, Aldar said it made a net profit of 620 million dirhams in the three months to June 30 compared to 654 million dirhams in the prior-year period. SICO Bahrain and EFG Hermes had forecast Aldar would make a quarterly a profit of 631.72 million dirhams and 600.00 million dirhams respectively. Aldar's second quarter revenues totalled 1.35 billion dirhams versus 1.7 billion dirhams in second quarter 2016, down roughly 20 percent.
Four new investments were committed during the first six months of 2017, completing Aldar's 3 billion dirhams investment programme. Aldar continues to assess opportunities for high-quality assets to grow recurring revenues, it said in a statement. The company booked lower impairments of 6.84 million dirhams in second quarter compared to 26 million dirhams a year ago.
Comments
Comments are closed.